What an amazing day! Unless you’ve been hiding under a rock, you know by now that we posted the largest single day points gain in 5+ years and the 4th largest in history. Here’s a detailed recap from the good people of briefing.com.
I had one of my busiest days ever in the market, with several daytrades and lots of position flipping. Woke up to find an extremely bullish sentiment reigning in pre-market, amazingly coinciding with my bullish charts from the day before.
There was thus only one way to proceed…sold almost all my puts and bought calls in every single one of those stocks highlighted. Then, at the end of the day, following one of my unwritten rules, I sold almost all these newly bought calls after monster gains. This was done in order to cash in on the higher time values associated with options during such large moves.
DP Sells:
- Sold at the Open: [[AMGN]], [[BIDU]], [[PBR]], [[TUP]], [[VLCM]] puts. All but BIDU ended up profitable, despite the gap up.
- [[BWLD]] was looking to open weaker than the general market, so I left that on the usual 30% trailing stop. It didn’t actually get stopped out until the last surge at the end of the day.
- This was only a half position that remained from yesterday’s profit taking. Overall gain in position came out to 75%.
DP Buys:
- Calls in all 5 stocks from the previous post as well as [[HES]].
- To be on the safe side, all but [[MON]] were strictly minimum positions, that is the entire position basis equaled the 2% risk allowed/position.
- Sold half of MON at 100% to guarantee breakeven.
Market-on-Close:
- Closed out entire position in [[CLF]], [[GBX]], [[HES]], [[ILMN]]. Profits ranged from 55% – 150%! Left with half position in [[MON]] and a min. position in [[PCLN]].
- Bought straddles in [[JCG]] and [[TTWO]]. Both were due to report after-hours, so the idea was to take advantage of the resulting volatility.
Nice work.
’twas a glorious day indeed. Thank you.